NEW YORK CITY — A joint venture between Colt Equities and Ruby Ventures has acquired the leasehold of 11 Green Street in New York’s SoHo district. The joint venture plans to develop a mixed-use property at the site, which is currently a surface parking facility. The 13,900-square-foot lot allows for the development of a building featuring more than 75,000 gross buildable square feet, including sub-grade space in a seven-story envelope. Development plans include approximately 16,000 square feet of total ground-floor and lower-floor retail space, as well as more than 30 luxury residential rental units on the second and sixth floors with a partial mezzanine level on the seventh floor.
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NEW YORK CITY — New York-based Madison Realty Capital (MRC) is consolidating all future equity and debt investments under a single brand: Madison Realty Capital. Historically, the company’s equity investments were made through Silverstone Property, a 100 percent controlled affiliate. In addition to the rebranding, MRC has acquired 440-442 Tenth Avenue, which includes two mixed-use properties located between 34th and 35th streets in the Hudson Yards district, as well as 2094-2104 Frederick Douglass Blvd., an 11,254-square-foot retail property in West Harlem. The Tenth Avenue properties, which sold for $9.75 million, total 20,000 square feet and offer 34 apartments. The Frederick Douglass property was acquired for $7.25 million.
REVERE, MASS. — KeyPoint Partners has brokered a lease for Big Lots at Wonderland Marketplace in Revere. Big Lots will occupy 31,000 square feet of space at the 135,000-square-foot shopping center. Current tenants include Marshalls, Staples, Hair Cuttery, Ninety-Nine restaurant and the U.S. Post Office. Big Lots will lease a portion of the former Stop & Shop with the remaining 33,687 square feet available for lease. Don Mac of KeyPoint Partners negotiated the transaction on behalf of the landlord.
CANTON, MASS. — Colliers International has brokered a 25,000-square-foot office lease at 150 Royall Street in Canton for Gray, Gray & Gray LLP. The accounting firm will relocate from its previous headquarters at Southwest Park in Westwood, Mass., in August. The 262,800-square-foot office building was fully renovated in 2007. Thomas Hynes and James Elcock of Colliers International represented the tenant. The landlord, OneBeacon Insurance Group, was represented in-house by John Ferrari, along with Richard Bradbury of Babson Real Estate Advisors.
DALLAS — First Industrial Realty Trust has begun construction of First Pinnacle Industrial Center, a two-building, 598,000-square-foot industrial complex in Dallas. The Class A distribution facilities — one of 376,424 square feet and the other of 221,714 square feet — will each feature 32-foot clear heights and dock-high loading doors. Located on 49 acres at 1241 N. Cockrell Hill Road, the project is in proximity to I-20, I-35 and Loop 12. The facilities are expected to be ready for occupancy as early as the fourth quarter of this year. Terry Darrow and Nathan Orbin of JLL are leasing the property.
HOUSTON — The Morgan Group Inc. has broken ground on two new multifamily properties near Houston’s Energy Corridor submarket. The projects, Pearl CityCentre and Pearl Residences at CityCentre, are located on a 4.6-acre site in proximity to the CityCentre mixed-use development. Pearl CityCentre will stand seven stories and offer 312 units ranging from 650 to 1,500 square feet, while Pearl Residences at CityCentre will stand eight stories and offer 148 units ranging from 750 to 2,500 square feet. Wallace Garcia Wilson Architects is designing both buildings, and Wells Fargo is providing construction financing. Both properties are scheduled to open in the fall of 2015.
WACO, TEXAS — Asset Campus Housing (ACH) will develop The Domain at Waco, a 564-bed, off-campus student housing community serving Baylor University students. The 186 units will offer a mix of one-, two- and four-bedroom residences, each fully furnished and featuring granite countertops, stainless steel appliances and washer and dryer. Amenities at the property will include a clubhouse, swimming pool, internet café, sand volleyball court, fitness facility and outdoor fire pit. Construction will begin this quarter and is expected to conclude in time for the 2015-16 school year. ACH will manage the facility upon completion.
SAN BENITO, TEXAS — Dougherty Mortgage LLC has arranged a $10.2 million loan for the refinancing of Villages at Paso Real, a 180-unit multifamily property in the south Texas city of San Benito. Completed in 2013, the community offers one- to three-bedroom apartments, as well as a swimming pool, fitness center and clubhouse with media center. The complex is located at 349 S. Helen Moore Road, in proximity to I-69. The Fannie Mae loan includes a term of 12 years.
SAN FRANCISCO – The 41-unit Pacific Terrace in San Francisco has received a $20.5-million refinance. The community is located at 1595 Pacific Ave. in the Russian Hill neighborhood. It also features 2,500 square feet of ground-floor retail. The seven-year, fixed-rate loan features a 25-year amortization schedule. It was arranged by Dennis Williams and Brian Esquivel of NorthMarq Capital’s San Francisco office.
MONTCLAIR, CALIF. — Montclair Town Center, a 96,989-square-foot shopping center, has sold to Montclair-ET LLC for $15.8 million. The center is located at 9710-9886 Central Ave. in Montclair. It was 80 percent leased at the time of sale. Montclair Town Center contains 27 tenants, including 24 Hour Fitness, Dollar General, Bank of America (ATM), Burger King, Liberty Tax, Century 21 and Yum Yum Donuts. Montclair-ET, a 1031 exchange buyer, was represented by Eric Treibatch of Ophir Management Services. The seller, Montclair Town Center LLC, was represented by William B. Asher of Hanley Investment Group and Frank Vora of Progressive Real Estate Partners.